China’s solar power giant LONGi Group has recently announced to set up a production facility in India. According to a statement by the company’s director, preliminary preparations for the project have already commenced.
Reports suggest the Xi’an, Shaanxi based solar technology company already has a branch in India and is engaged in the sales of the module. With the latest development the company is collaborating with companies such as Sumant Sinha-led ReNew Power. LONGi has branches in more than 10 primary targeted markets worldwide, including India. Its production base is in Malaysia.
In wake of the latest development, Li Feng, director, LONGi Group commented, “India has always been a market we add great attention to. We hope to offer high-efficiency monocrystalline photovoltaic (PV) products in India on a larger scale. In 2019, we brought nearly 300 megawatt (MW) monocrystalline PV products to India, which has been praised and trusted by Indian customers.”
Established in the year 2000, LONGi has a share of more than 40 percent of the global capacity and is regarded as the largest manufacturer of monocrystalline silicon ingots and wafers. A statement made by the company suggests by end of 2021, the company aims to have 30 GW capacity of monocrystalline modules and 20 GW of monocrystalline cells.
Furthermore, the company expects to reach $710 million to $760 million of its 2019 net profit. The operating revenue of the company in the first three quarters of 2019 reached $3.2 billion, the net profit being $500 million attributable to shareholders of listed companies.
“LONGi has been comprehensively assessing the possibility of setting up a production base in India, with some preliminary preparations done. As for further development, we need to think of the international trade context and the domestic market of India…When the conditions are mature, the project will be moved on swiftly,” Feng added.